No. Terms Glossary of PFM

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3 No. Terms Glossary of PFM 1. Accounting The theory and system of organising and summarising information about financial and economic activities. Good accounting systems are essential for budget management, financial accountability and efficient decision-making. Version 3, pg Accountability (Finance) Accountability is a function of a relationship between two parties whereby one party confers a power on the other subject to a condition that the party receiving the power. 3. Ad-hoc Audit An audit designed for specific problem an audit designed for a specific problem or task, nongeneralizable, and not intended to be able to be adapted to other purpose. 4. Annual Budget An approved budget for one year. An annual budget outlines both the income and expenditures that are expected to be received and paid over the coming year. It does not include published forward estimates or projections for periods beyond the budget period. Version 3, pg. 3 Budget Department from Ayeyarwaddy Region 5. Annual report A comprehensive report on a public body s activities throughout the year. Annual reports give information about the company s activities and financial performance. Version 3, pg Audit An independent, objective assurance activity designed to add value and improve an organisation s operations.it helps an organization accomplish its objective by bringing a systematic, disciplined approach to assess and improve the effectiveness of risk management, control and governance processes. 7. Audit Report Audit report include on internal control over financial reporting and on compliance with provisions of laws, regulations, contracts and grant agreements that have a material effect on the financial statements. OECD 2 Version 3, pg. 10 1

4 8. Aid-in-Kind Flows of goods and services with no payment in money or debt instruments in exchange. In some cases, so called commondity aid goods (such as grain) are sold and the receipts transferred to the budget. More commonly, the receipts are transferred through a special fund. 9. Appraisal Examination of the details of a policy proposal or capital investment project on the basis of an analysis of its economic, financial and other effects. Policy/project appraisal is sometimes called ex ante evaluation. 10. Appropriation The budget as approved by the legislature for a line item of spending. 11. Arrears Amounts that have not been paid or received by the date specified in a contract or within a normal commercial period. Payment arrears may arise from non-payment by government ministries/ agencies in areas such as bills due from suppliers, salaries due, transfers, or debt repayment costs. Tax arrears are taxes due to government but not paid. 12. Budget Ceiling Approximate amount of money available for an organization or office to spend in a given fiscal year. 13. Balance Budget A budget in which revenues are equal to expenditures Citizen budget, pg Budget Documents The set of documents presented to the parliament with the budget. In addition to proposals relating to government spending, revenues and borrowing, the budget documents may include a statement of the economic and financial context for the budget proposals, the government s economic policy objectives, and medium-term macroeconomic projections, and some explanation of the government programmes and activities to be funded under the budget. 15. Budget Year/ Fiscal Year Myanmar Fiscal year is a period from April 1 to March Citizen budget, pg Budgeting The process by which the government, or a governmental organisation, plans for its future expenditures, revenues, borrowing and other financial activities. Version 3, pg.16 2

5 17. Baseline An estimate of the receipts, outlays, and deficit or surplus that would result from continuing current law through the period covered by the budget. 18. Baseline Budget The amount of funding for current programmes or existing policies- often adjusted for inflation, one-time expenditures, legally mandated requirements under changed demographic conditions from which increases and decreases in expenditures are negotiated during budget preparation. 19. Budget A comprehesive statement of government financial plans including expenditures, revenues, deficit or surplus, and debt. The budget is the government s main economic policy document, indicating how the government plans to use public financial resources to meet policy goals. Document(s) that include the plan of the future finanical activities of the government or a governmental organisation. The budget is generally prepared annually, and comprises a statement of the government s proposed expenditure, revenues, borrowing and other financial transactions in the following year and, in many countries, for two or three further years. The budget is prepared on a cash basis in most countries. It is submitted to parliament, which authorises expenditure by approving either a budget act or an appropriation act that is consistent with the budget proposals. 20. Budget Classification A budget classification system constitutes a normative framework for the day-to-day administration and monitoring of budget execution, policy formulation and anaylsis, ensuring accountability, providing infromation to parliament and the public, and creating the basis for budget authorization (or the level of Parliamentary authorization, unite de spe cialisation budge taire) OMB 21. Budget Cycle All the major events or stages in making decisions about the budget, and implementing and assessing those decisions. It ususally has four stages: formulation, approval, execution and audit. 22. Budget Examination The process of reviewing budget requests from ministries and agencies by a staff member of a central budget department in the ministry of finance, in which the budget request is analysed, alternatives are developed, conclusions are reached, and recommendations are made. 23. Budget Execution Budget execution is the phase where resources are used to implement policies incorporated in the budget. 3

6 24. Budget Formulation The processes for preparing a government s budget, from preliminary analyses and forecasts, through submission of budget requests by ministries and other government bodies and the review and decision of the executive, to its offical presentation to the legislature. 25. Budget Provision The amount of appropriation proposed or approved for a line item, or for a higher aggregate set of line items, such as a subprogram, program, sector, etc. 26. Budget Authorization 27. Below the Lineitems The act of approving the proposed budget by the legislature through the enactment of the budget law. These are below the line drawn to establish the deficit between revenues and expenditures, correspondingly, above-the-line items comprise expenditures and revenues. Below-the-line items thus normally related to the financing of the deficits. 28. Budget Estimate (BE) Estimated cost of activities before the start of the fiscal year. Estimates of government spending on various sectors during the year, together with an estimate of the income in the form of tax revenues. These estimates contain an estimate of fiscal defict and the revenue deficit of the year citizen budget, pg Budget Allocation The maximum amount the government agency or organization is authorize to spend in a given fiscal year. 30. Budget Law or Organic Budget Law A budget law approved by parliament. A law specifying the schedule and procedures by which the budget should be prepared, approved, executed, accounted for, and final accounts submitted for approval. 31. Budget Monitoring A systematic way of keeping track waht particular item or expense the agency or organization spend the budget, how it is spend, and how much. 32. Capital Budget A budget of expenditure on capital items (eg. non-current assets, investments, building new road, purchase office material etc) is call capital budget. Version 3, pg. 15 Financial Management Version 3, pg. 16 4

7 33. Cash Flow Inflows and outflows of cash and cash equivalents. Version 3, pg Current Expenditure General government expenditure for small expenses such as salary payments, pension funds, employee benefit calculations, treasury bonds and money raised to pay tickets on domestic and foreign debt interest paid on savings citizen budget, pg Capital Expenditure Investments in assets that will last for more than a year, such as vehicles; repair and maintenance expene for buildings and roads, except military expenses citizen budget, pg Capital Revenue Revenues from sale of assets, receipts from private funds, and receipts from foreign aid citizen budget, pg Comprehensive Budget Comprehensiveness of the budget means that the budget must encompass all the expenditures, revenues, borrowing and other financial activities of the government. This creates a framework that promotes sound apprasial of competing policy options, and efficient budget planning and execution. In addition to the detailed information on revenue and expenditures, and in order to be considered complete, the annual budget documentation should include infromation on the following elements; Macroeconomic assumptions, Fiscal deficit, Deficit financing, Debt stock, Financial Assets, Prior years budget outtum, Current year s budget, Summarized budget data for both revenue and expenditure and Explanation of budget implications of new policy intitatives. PEFA 38. Citizens Budget A Citizens Budget is a simpler, less technical version of a government s budget specifically designed to present key information to the public. Citizens Budgets can vary widely in focus, content, and length and be presented in a number of ways, ranging from a simple brochure to a comprehensive report. These excellent examples of Citizens Budgets showcase different approaches and styles citizen budget, pg Contingent Liabilities These are liabilities whose budgetary impact is dependent on future events which may or may not occur. Common examples include government loan guarantees, government insurance programs, and legal claims against the government. 5

8 40. Citizen Report Card A monitoring and feedback tool that citizens can use to rate the services provided by the government. 41. Cash Management The process of developing agency and central cash flow forecasts, the release of funds to spending agencies, the monitoring of cash flows and expected cash requirements, the issue and redemption of government securities for financing government programmes. 42. Chart of Accounts The classification of transactions of events (payments, revenue, depreciation, losses, etc.) according to their economic, legal, or accounting nature. It defines the organisation of the ledgers kept by government accountants. 43. Contingency Reserve A small portion of the total budget that is set aside for expenditures on unexpected needs or emergencies, not appropriated in other budget lines. 44. Current Expenditure Expenditure on goods and services consumed within the current year,which needs to be made recurrent to sustain delivery services. OECD 45. Deconcentration The transfer of responsibility from central ministries to field offices giving them more managerial decision authority autonomous agencies, thereby becoming closer to citizens while remaining part of central government. 46. Decentralization The transfer of responsibility from central ministries to field offices giving them more managerial decision authority managerial discretion, but not necessarily more financial independence. 47. Debt Management Managing the public sector debt protfolio in an efficient manner as possible in order to minimise the costs to the government. Debt management functions are sometimes carried out by a department of the ministry of finance, sometimes by the state treasury, sometimes by an agency adopting to the minster of finance. 6

9 48. Discretionary Spending Refers to the part of the budget which the government and the legislature must each year decide to spend for the next fiscal year, such as for housing, education, or foregin aid. It is to be contrasted with mandatory spending on those items where there exists a legal requirement for the government to provide funds and a permanent appropriation authorising such expenditures. Interest on the debt and entitlement programmes are examples. The mandatory part of the budget is often much larger than the discretionary portion. Version 3, pg Debt Limit The maximum amount of Federal debt that may legally be outstanding at any time. It includes both the debt held by the public and the debt held by government accounts, but without accounting for offsetting financial assets. When the debt limit is reached, the government cannot borrow more money until the legislature has enacted a law to increase the limit. 50. Deficit The amount by which outlays exceed receipts in a fiscal year. It may refer to the on-budget, offbudget, or unified budget deficit citizen budget, pg Debt-Service A payment made by a borrower to a lender. May include one or all of: (1) payment of interest, (2) repayment of principal loan (3) loan commitment fee. 52. External Audit Refers to audit carried out by a body that is external to, and independent of, the organisation being audited, the purpose being to give an opinion and report on the organisation s accounts and financial statements, the legality and regularity of its operations, and its financial management procedures and financial performance. Organisations responsible for external audit of government activities most often report directly to parliament, and are often referred to as supreme audit institutions (SAI). Dragoslay Avramoviḉ Version 3, pg External Debt Debt owed to non-residents of the country concerned. Version 3, pg Extra Budgetary Funds Special funds owned by the government, that are not part of the budget and that receive revenues from earmarked levies, possibly in addition to other sources such as fees and contributions from the general revenue fund. Version 3, pg. 35 7

10 55. Enacted Budget The Enacted Budget is the law of the land and for this reason alone needs to be public. It provides the baseline information for any analyses conducted during the budget year, and the starting point for monitoring the execution phase of the budget. The Enacted Budget grows in importance because allows one to compare what was proposed by the executive to what the legislature enacted into law. International Budget project (IBP) 56. Executive Budget Proposal 57. Economic Classification One of the most important policy documents that a country issues each year, for it is through the budget that governments translate many of their key policy goals into action. The nature of the Executive s Budget Proposal can vary from country to country; sometimes it is a single document, and sometimes it is a collection of multiple documents. It is important that the Executive s Budget Proposal is transparent because its proposals determine revenues (how much citizens pay in taxes), expenditures (how government resources are distributed among citizens), and debt (how much of the cost of government is borne by current or future generations). To allow for an informed public and legislative discussion on the budget, best practice calls for the executive to provide a full explanation of its taxation, spending, and borrowing plans well in advance of its enactment. The classification of expenditures (or expenses) and the acquisition/disposal of assests into economic catagories, which emphasis the economic nature of the transaction (salaries, interest, transfer, etc.) Citizen Budget, pg. 1 IBP 58. Entitlement Any program where expenditure is open ended (usually transfer/grant payments) and where recipients must be paid or given transfer/grants, if they meet certain criteria. Generally social security program and special support program. 59. Expenditure How government resources are distributed among citizens IBP 60. Framework for Economic and Social Reforms (FESR) The policy framework that guide the structural reforms needed to support the long term and comprehensive development of the country. FESR 61. Fiscal Policy Government actions with respect to aggregate levels of revenue and spending. Fiscal policy is implemented through the budget and is the primary means by which the Government can influence the economy. Permanent constraints on fiscal policy, typically defined in terms of an indicator(s) of overall fiscal performance such as the deficit/gdp ratio, the debt/gdp ratio. Version 3, pg. 39p 8

11 62. Fiscal Decentralization Fiscal Decentralization decribes the way in which expenditure responsibilities and corresponding financial resources are provided to subnational levels. Some discretion over resources may be deconcentrated to lower tiers of central ministries, or more complete control devolved to local government with a system of planning and budgeting, local revenue, central-local transfers, and borrowing. State and Region Government in Myanmar, pg. viii 63. Fiscal Risk Includes uncertain costs of specific expenditure commitments, such as financial restructuring, and/or the potential for adverse budgetary effects resulting from variations in economic assumptions. 64. Fiscal Space Fiscal space refers to the amount of freedom governments have to control both their revenues and their expenditures. 65. Fiscal transparency A policy of providing information to the public about the functions and organisation of the government, its economic and fiscal policy goals and objectives, its financial forecasts and public sector accounts. It involves ready access to reliable, comprehensive, timely, understandable, and internationally comparable information on government activities including those activities undertaken outside the government sector so that the electorate, legislature and financial markets 66. Floating Debt The amount of obligations, other than fixed-term contractual obligations, incurred by a government for goods and services received that have not yet been paid for, and accumulated backlog of unpaid bills. (In some countries, the term refers to unconsolidated portion of outstanding government short-term debt. 67. Forward Estimate A system of rolling baseline projections for all revenues and expenditures for three years beyond the next budget. After the budget is passed, the first year of the forward estimates become the base for next year s budget, and another out-year is added to the forward esitmates. Version 3, pg. 39 Version 3, pg. 39 OECD Functional Classification The classification of expenditure (as well as expense) transactions and acquistions/disposals of financial assets for policy purpose, according to the purpose for which transactions are undertaken. A functional classification is independent for the administrative organisations or units that carry out the activities or transactions concerned. The standard Classification of Function of the Government (COFOG) system, established by the United Nations, is aimed at facilitating international comparisons and preparing income accounts consistent with the System of National Accounts (SNA) methodology. 9

12 69. Fiscal Policy Rules Permanent constraints on fiscal policy, typically defined in terms of an indicator(s) of overall fiscal performance such as the deficit/gdp ratio, the debt/gdp ratio. 70. Forward Funding Appropriations of budget authority that are made for obligation starting in the last quarter of the fiscal year for the financing of ongoing grant programs during the next fiscal year. 71. Financial Asset Financial Asset include cash, an equity instrument of another entity and a contractual right. Version 3, pg Financial Expenditure Includes current and capital expenditures and deb payments citizen budget, pg Financial Revenue Includes revenues from taxes, fees and charges, earnings from state economic enterprises, sale of assets and local and international borrowings citizen budget, pg Financial Liability A contractual obligation to deliver cash or another financial asset to another entity 75. Financing All transactions in financial assets and liabilities that balance the fiscal deficit or surplus. The means by which a government obtains financial resources to implement its policies, programmes and projects. 76. General Fund The accounts in which are recorded governmental receipts not earmarked by law for a specific purpose, the proceeds of general borrowing, and the expenditure of these moneys. 77. Grants A grant is a voluntary current or capital transfer between government units, or between a multinational organisation and a national government. In addition, a voluntary transfer to a private organisation or person is also called grant. Grant are treated as expenditure by the granting institution and revenue by the recipient insitution. Version 3, pg. 38 Version 3, pg Gross Domestic Product (GDP) The total value of final goods and services produced in a country during a single year. Economic growth is measured by the change in GDP from year to year. 10

13 79. Internal Audit Refers to audit carried out by a department or unit within a ministry or another government organisation, entrusted by its managemnet. 80. Intergovernmental Fiscal Transfer The transfers of funds from one level of government to another. This may be to fund general government operations or for specific purposes. Fiscal Decentralization Myanmar: Towards Road Map to Reform 81. In-Year Reports Provide a snapshot of the budget s implementation during the budget year. In-Year Reports are relatively brief, periodic (usually monthly) reports that list but do not really attempt to assess the major components of the budget. OECD Best Practices on Budget Transparency 82. Income Statement A financial statement showing the profit or loss sustained by a company during a particular period, including all items of income and expenditure 83. Loan A loan is a debt provided by an entity (organization or individual) to another entity at an interest rate, the principal amount of money borrowed, the interest rate the lender is charging, and specific date of repayment. 84. Lump-sum Appropriation An appropriation for which the budget books or other documents that support the appropriation act contain no detailed information. 85. Nationalization The act of taking control of a privately-owned enterprise or even an industry by the state. Conceptualizing Public Sector Reform in Myanmar, pg. iv 86. National Income The total value of a country s final output of all new goods and services produced in one year. 87. Macroeconomic Framework A medium-term macroeconomic framework typically includes projections of the balance of payments, the real sector (or production sector), the fiscal accounts and the monetary sector. It is a tool to check the consistency of assumption or projections concerning economic growth, the fiscal surplus or deficit, the balance of payments, the exchange rate, inflation, credit growth and its share between the private sector and the public sector policies on external borrowing. 11

14 88. Medium Term fiscal framework ( MTFF) A multi-year aggregate projections of revenue, expenditure and financing. MTFF is a transparent planning and budget formulation process within which the central government establishes credible contracts for allocating public resources to their strategic priorities while ensuring overall fiscal discipline citizen budget, pg. 10 OECD Mid-Year Review or Report An analysis of the budget s effects provided about halfway through the budget year. The Mid-Year Review represents an opportunity to comprehensively assess a government s fiscal performance against the strategy established in the Enacted Budget. Thus it should allow for an assessment of whether the budget is adequately coping with current macroeconomic developments, including changes in the prices of natural resources, the state of implementation of the different elements of the budget, and revenue collections in the context of expected seasonal patterns. The Mid-Year Review can also indicate whether the budget needs adjustments or corrective measures in the allocation of resources between ministries or in the level of spending overall or for a given sector citizen budget, pg. 1 OECD Best Practices for Budget Transparency 90. Own Source Revenue The revenue that the local government raises directly by levying taxes, fees and charges from land, business activities and provision of services, excluding inter-governmental fiscal transfers. 91. Off- budget Items Revenue or expenditure not included in the enacted budget. 92. Privatilization The act of transfering or selling to private ownership a state-owned enterprise. Conecptualizing Public Sector Reform in Myanmar, pg. iv 93. Policy-Based Budgeting 94. Pre-Budget Statement The process where budget prepared with due regard to government policy which enables the government to plan the use of resources in line with its fiscal policy and national strategy. Sometimes referred to as the Pre-Budget Report, it presents the executive s economic and fiscal policy plans for the forthcoming budget year and encourages debate on the budget in advance of the presentation of the more detailed Executive s Budget Proposal. The Pre-Budget Statement reflects the culmination of the strategic planning phase of the budget process, in which the executive broadly aligns its policy goals with the resources available under the budget s fiscal framework the total amount of expenditure, revenue, and debt for the upcoming budget year. PEFA International Budget Project (IBP) 12

15 95. Public Accountability The obligations of persons or entities, including public enterprises and corporations, entrusted with public resources to be answerable for the fiscal, managerial and programme responsibilities that have been conferred on the manager, and to report to those that have conferred these responsibilities. Version 3, pg Public Sector Public Policy is the course of action decided upon by government to achieve certain outcomes which political choices. Governments usually make policy through a sequence of steps involving minsters, civil servants, and others. Conceptualizing Public Sector Reform in Myanmar, pg. iv 97. Public-Private Partnership (PPP) 98. Perfomance-B ase budgeting A contract (institutional relationship) between public and private actors for the co-operative provision of a public good or service. The essential element is some degree of private participation in the delivery of traditionally public-domain goods or services. Private actors may include both for-profit and not-for-profit organization. The process where budget prepared with due regard to government policy which enables the government to plan the use of resources in line with its fiscal policy and national strategy. Version 3, pg Predictability Predictability in budget management means that managers should know in advance the amount of resurces allocated to their programes. Lack of predictability creates difficulties for public officals in planning for the provision of services. However, predictability requires a significant level of macroeconomic stability. Predictability of government expenditure in the aggregate, and of the government s overall fiscal position, gives assurance to the private sector that it has a secure economic and financial basis on which to make its own production, marketing and investment decisions Provisional appropriation Legislation that permits an expenditure to get under way before the actual budget appropriation, without any further authorization procedures. This is most commonly used at the start of the fiscal year (eg. when the legisture has not yet finalized the budget) Public Financial Management (PFM) Public Financial Management (PFM) is the system by which financial resources are planned, directed, and controlled to enable and influence the efficient and effective delivery of public service goals. CIPFA 13

16 102. Policy Regulation, supervision, and oversight of the financial and payment systems, including markets and institutions, with the view to promoting financial stability, market efficiency, and client-asset and consumer protection Public Procurement The defination of public procurement includes procurement by public utilities (publicly or privately owned enterprises), such as water, energy, transport and telecommunications sectors Payment Order Refers to the process by which public authorities, such as government departments or local authorities purchase work, goods, or services from companies or private entities and OECD 3 European Commission 105. Joint Public Account Committee (PAC) Joint Public Account Committee (JPAC) is a committee of selected of parliament according to 2008 constitution. They main functions are check the task of Union institution, check the operation of ministeries of the Auditor s report and the Union budget. JPAC check effectively use earmarked funds or not. Union Parliament Website 106. Receipts Collections that result from the government s exercise of its sovereign power to tax or otherwise compel payment. They are compared to outlays in calculating a surplus or deficit Revenue Funds collected from the public that arise from the government s exercise of its sovereign or governmental powers. Revenues come from various sources, including individual and corporate income taxes, excise taxes, customs duties, estate and gift taxes, fees and fines, contributions for social insurance programs, and miscellaneous receipts (such as earnings of the government reserve system, donations, and bequests) Resourcess The inputs needed to undertake a project, generally including finance, people, equipment, facilities, raw materials, and possibly physical elements such as land and water. DFAT Australia 109. Reconciliation Usually, the process of checking payment orders issued by a government agency against actual payments according to bank statements; reconciliation can also apply as commitments made and payment order issued Revenue estimate (RE) An estimate of the revenue available to budget for the next year or next several years. Preparing an estimate of revenue is essential at the beginning of budget formulation. This estimate usually needs to be updated several times during the budget cycle. 14

17 111. Revolving fund An account or fund in which the income derived from its operation is available to finance the fund s continuning operations without fiscal year limitation State Economic Enterprises (SEE) / State Own Enterprises (SOE) A state own enterprises (SEE)/ state own enterprises (SOE) is a legal entity that is created by the government in order to partake in commercial activities on the government s behalf. SOEs can be fully owned or partially owned by the government citizen budget, pg Subsidy The estimated long-term cost to the government of a direct loan or loan guarantee, calculated on a net present value basis, excluding administrative costs and any incidental effects on governmental receipts or outlays. Version 3, pg Surplus The amount by which receipts exceed outlays in a fiscal year. It may refer to the on-budget, offbudget, or unified budget surplus Special funds Usually similar to extrabudgetary funds, but sometimes refer to funds financed by earmarked revenues/user charges that are within the government s budget. Version 3, pg Supplementary Appropriation Legislation passed during the budget year to provide for expenditure additional to the original budget Transaction costs A transaction is defined an interaction between two institutional units by mutual agreement or an action within a unit that is analytically useful to treat as a transaction. Version 3, pg Tax expenditure Expenditures that are allowable as deductions from income in the calculation of tax liability. Concessions or exemptions from a normal tax structure that reduce Government revenue collection. Precise definition and estimation of tax expenditure require a definition of the normal tax base as well as a determination of the most appropriate way of assessing cost to the Government in the form of forgone revenue. 15

18 119. Tax earmarking Tax earmarking is the practice of assigning revenue from specific taxes or group of taxes to specific government activities or areas of activity. Version 3, pg Treasury Single Account (TSA) A treasury single account (TSA) is an essential tool for consolidating and managing governments cash resources, thus minimizing borrowing costs Trust Funds An account for the receipt and expenditure of monies by the Government for carrying out specific purposes and programs in accordance with the terms of a statute that designates the fund as a trust fund (such as the Highway Trust Fund) or for carrying out the stipulations of a trust where the Government itself is the beneficiary (such as any of several trust funds for gifts and donations for specific purposes) Treasury Traditionally a treasury was literally a place where valuable public assets were stored and managed. In government today it normally means a department of government responsible for managing and accounting for government money and expenditures. Version 3, pg Treasury Bonds A treasury bonds is long-term fixed interest rate debt security issued by the government back by its full faith and credit citizen budget, pg Treasury Bill A treasury bill is short-term debt issued with interest rate by the government back by its full faith and credit. Treasury bill purchased at auction are prices and the par-value through a competitive bidding process to cover budget deficit citizen budget, pg Unobligated Balance The cumulative amount of budget authority that is not obligated and that remains available for obligation under law. 16

19 126. Year-End Report The year-end report is the government s key accountability document. It should be audited by the Supreme Audit Institution and be released within six months of the end of the fiscal year. The yearend report shows compliance with the level of revenue and expenditures authorized by Parliament in the budget. Any in-year adjustments to the original budget should be shown separately. The presentation format of the year-end report should mirror the presentation format of the budget. The year-end report, or related documents, should include non-financial performance information, including a comparison of performance targets and actual results achieved where practicable. Comparative information on the level of revenue and expenditure during the preceding year should also be provided. Similar comparative information should be shown for any non-financial performance data. OECD Best Practices on Budget Transparency 17

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